Method and system for managing financial transaction data

Abstract

The information related to a journal entry is gathered in a predefined format and a journal entry request is generated. The journal entry request is processed and the journal entry is recorded in a journal. Each individual associated with the journal entry request is automatically notified about any change in status of the journal entry request.

1 . A method for managing financial transaction data, comprising:
 generating, using a computer, a journal entry request in accordance with a first predefined criterion;   generating, using a computer, a status notification providing status information of the journal entry request;   transforming, using a computer, the journal entry request based on a status of the journal entry request to generate journal entry data; and   storing, using a computer, a journal entry corresponding to the journal entry data in a database in accordance with a second predefined criterion.   
     
     
         2 . The method according to  claim 1 , further comprising receiving information related to the journal entry request. 
     
     
         3 . The method according to  claim 2 , wherein the receiving information comprises providing one or more user interfaces, each user interface comprising a set of input fields. 
     
     
         4 . The method according to  claim 1 , wherein the transforming the journal entry request comprises modifying the status of the journal entry request. 
     
     
         5 . The method according to  claim 1 , wherein the transforming the journal entry request comprises identifying a set of individuals associated with the journal entry request. 
     
     
         6 . The method according to  claim 1 , wherein the transforming the journal entry request further comprises: providing the journal entry data to a first reviewer and receiving a first approval decision for the journal entry from the first reviewer. 
     
     
         7 . The method according to  claim 6 , wherein the journal entry data is automatically routed to a reviewer interface accessible by the first reviewer. 
     
     
         8 . The method according to  claim 6 , wherein the transforming the journal entry request further comprises: providing the journal entry data to a second reviewer and receiving a second approval decision for the journal entry from the reviewer. 
     
     
         9 . The method according to  claim 8 , further comprising determining an approval hierarchy based upon a third predefined criterion and automatically determining a final approval decision based upon the approval hierarchy and at least one of the first approval decision or the second approval decision. 
     
     
         10 . The method according to  claim 1 , wherein the first predefined criterion is based upon at least one of a federal regulation or an accounting standard. 
     
     
         11 . The method according to  claim 1 , wherein the first predefined criterion comprises checking at least one of a pending journal entry request or posted journal entries to determine if the journal entry request is a duplicate. 
     
     
         12 . The method according to  claim 1 , wherein the status notification is generated based on a modification in the status of the journal entry request. 
     
     
         13 . The method according to  claim 1 , wherein the status notification is automatically generated in response to a modification in the status of the journal entry request. 
     
     
         14 . The method according to  claim 1 , wherein the status notification includes a unique tracking number associated with the journal entry request. 
     
     
         15 . The method according to  claim 1 , wherein the generating a status notification providing status information occurs in response to at least one of: receiving a status request comprising a journal entry request identifier, receiving a status request comprising a processor identifier, a predefined schedule for the status notification, or a timeframe elapsing. 
     
     
         16 . The method according to  claim 1 , further comprising storing the journal entry request in a database. 
     
     
         17 . The method according to  claim 1 , further comprising generating information related to quality and performance metrics. 
     
     
         18 . A method for tracking a journal entry request, comprising:
 submitting, using a computer, a journal entry request in accordance with a first predefined criterion;   receiving, using the computer, a status of the journal entry request, wherein the status is generated, by a journal entry request system that validated the journal entry request; and   receiving, using the computer, a notification of a journal entry posting based upon the journal entry request, wherein the journal entry is generated by the journal entry request system based upon a second predefined criterion.   
     
     
         19 . The method according to  claim 18 , wherein the receiving a status occurs in response to at least one of submitting a request for status, a predefined rule, a user profile, or a status notification parameter included in the journal entry request. 
     
     
         20 . The method according to  claim 18 , wherein the receiving a status comprises receiving information related to the reasons that the journal entry request has been denied. 
     
     
         21 . A computer-readable medium having stored thereon a plurality of instructions, the plurality of instructions comprising:
 instructions to generate a journal entry request in accordance with a first predefined criterion;   instructions to generate a status notification providing status information of the journal entry request;   instructions to transform the journal entry request based on a status of the journal entry request to generate journal entry data; and   instructions to store a journal entry corresponding to the journal entry data in a database in accordance with a second predefined criterion.   
     
     
         22 . A financial data management system, comprising:
 a memory for storing a computer program;   and a processor coupled to said memory for executing said computer program,   wherein said computer program is configured to:   generate a journal entry request in accordance with a first predefined criterion;   generate a status notification providing status information of the journal entry request;   process the journal entry request based on a status of the journal entry request to generate journal entry data; and   store a journal entry corresponding to the journal entry data in a database in accordance with a second predefined criterion.